Sensex falls about 535 points after US strikes on Iran
Business
The Indian stock market started Wednesday on a down note, with Sensex falling about 535 points and Nifty dropping about 158 points.
This came after US strikes on Iran pushed oil prices up by over 2%, sparking worries about energy supplies and rattling investors.
Pricier crude could slow India's growth
Analysts say pricier crude could mean higher inflation and a bigger import bill for India, slowing economic growth.
The rupee slipped slightly, while market volatility spiked: India VIX jumped about 7%.
Most sectors saw losses, but pharma and IT stocks held up better than the rest.
Sun Pharma was one of the few gainers, while Reliance Industries and Asian Paints took some of the biggest hits.